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Converted Malls & Bullpen Environments: Effects on Office Leasing

bull pen exampleAccording to a recent article “Office, industrial vacancies decline across New Brunswick” published in the on-line Real Estate News Exchange.

“There were 43 office buildings with a combined gross leasable area of 2.51 million square feet surveyed in Greater Saint John.”

The overall office vacancy rate in our market decreased from 19.1% in 2018 to 14.07% last year. Despite this improvement, the vacancy rate is still considered higher than is desirable. A couple of explanations were given…

 

“The office market in Saint John is in some ways the victim of the city’s past economic success, which saw a number of urban shopping centres constructed in the 1960s and 1970s,” Baird Allen [manager of Turner Drake’s economic intelligence unit] explained. “When demand for retail space shifted away from these malls, they were converted to office space, so the city has a disproportionate amount of class-C office space for a city of its size.

“This oversupply is a contributing factor to the high vacancy rate. Other factors include the nature of the economy in Saint John, which has a strong industrial focus, as well as broader trends in how office space is utilized — going from individual offices to cubicles, and now to flex space and bullpen environments where employees work in communal spaces that require fewer square feet of office space per person.”

Read the entire article below which provides further insight in the Saint John office & warehouse leasing market as well as stats for Moncton and Fredericton.

Office, industrial vacancies decline across New Brunswick

JUST LEASED: 340 King William Road

340 King William Road, Saint John, New Brunswick

A 10,000+ industrial warehouse building and fenced compound in the Spruce Lake Industrial Park has been leased. The Landlord is Sandav Holdings Ltd out of St John’s NFLD. The property has had many used over the years including being the NB home-base for Household Movers & Shippers, a Coca-Cola distribution centre and most recently was leased to GFL Environmental Inc. Upgrades will be performed on the building and lands over the next few months. The new tenants expects to take possession around August 1st of this year.

Stephanie Turner was the listing agent.

Growing “high”

405 King William Road, Saint John, New Brunswick

Due to the extremely high ceilings and end wall (40′ x 60′) which opens up, the obvious use for this building is large component manufacturing such as modular homes, bridge components etc… but what else could it be? What about an indoor vertical farm?

largest-indoor-vertical-farm

90,000 sq ft indoor vertical farm. Source: Huffington Post

According to this Huffington Post article here’s how it works: Plants are grown in beds stacked as much as six high by using a mineral-rich water solution which is derived from tanks of hormone-free tilapia offering up nutrients to the plants in a controlled environment that ensures optimal growing.

With the recent closure of Real Food Connection in NB it might be too soon/challenging for local farmers to see the potential for growing vegetables indoors but perhaps a certain other type of “greens”?

interior shop

20,000+ sq ft with 54′ clear ceiling height

For more information on 405 King William Road click HERE